Hi!
Following on this topic, how would one calculate the excessive amounts for previous years if that happened for 2 consecutive years and earnings changed every year.
In my case, the CPA reported on tax return 25% of compensation in 2019 and 2020. We are in 2021 and I need to fix this considering that in 2019 I did not max-ed my 401K but max-ed the Roth IRA contribution. In year 2020, I max-ed both 401K and Roth IRA.
To further complicate, I file jointly in 2021 vs. single in previous years.
My husband has a SEP IRA only; he started contributing in 2019 and has the same issue; he contributed 25% which is excessive considering his income.
Please advise, thank you!
